The Hampton Roads Multiple Listing Service
REINCheck Podcast Episode 11
Listing Rule Changes
Episode 11 Podcast Transcript
Voiceover [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.
Andrea Rice [00:00:22] Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we will be discussing the recent rule changes that took effect on May 3rd with REIN's Listing Manager Sandy Hill. Sandy, thank you so much for taking the time to be here today to discuss these important changes.
Sandy HIll [00:00:39] Thanks, Andrea. Great to be here.
Andrea Rice [00:00:41] Thanks. So we're going to be talking about the rule changes that the board recently approved. And these changes go a long way in helping to make sure that the MLS remains a true cooperative and in maintaining the integrity of the MLS data. But there's a lot to cover. So, let's go ahead and just jump right in. Let's start with the update to rule three point one, exclusive listings. This is really a significant change in this rule update, REIN's changing the time frame for inputting a listing. What can you tell our members about this?
Sandy HIll [00:01:14] This is an important change one of our members will want to take special notice of. The time frame for inputting a listing has changed from two business days to the next business day, excluding weekends and federal holidays. What this means is that once the listing agent, together with the client, decide on the listing term and has a date for the property to be on the market, the listing must be input into the REIN system no later than the next business day from that date. There's a fine associated with not cooperating with this rule and not inputting on time can lead to another issue, such as a late input fine or even a pocket listing violation. These timelines are critical to the cooperative nature of the MLS.
Andrea Rice [00:01:59] Right, and this is not the only time frame change that took effect May 3rd. What other time frames have changed?
Sandy HIll [00:02:06] Correct. Members would want to take note of the time frame changes in Section three point one point eight of the rules. This section covers the required documents that must be uploaded to the listings upon input. These documents include disclosures like lead-based paint, septic system, AICUZ, Air, and others. Previously, the listing agent had five business days to upload required documents to the listing. That time frame has now been shortened to two business days. The required documents are state laws, and so the requirement is there to help listing agents to be compliant with state laws. Additionally, the Condominium Resale Addendum and the Property Owners Association Addendum have been added to the list of documents that are required to be uploaded when applicable. However, unlike state and federally mandated forms, the CONRES-1 and POA-1 do not need to be signed upon upload. These documents do need to be completed and signed, but not at the moment of upload.
Andrea Rice [00:03:09] OK, good to know. REIN also added section three point to point four late input of a listing to the rules document.
Sandy HIll [00:03:20] With this change the timeline from the two business days to the next business input a listing is important to have a clear definition in the rule document for what constitute late input. Late input means that the listing was not entered into the MLS on time as all members cooperate with each other and follow the same rules. A late input does not allow others to share the information about that listing. It also delays marketing of that property for the sellers which may not be in the best interest. Members should be sure to read this new section carefully to ensure they understand what is meant by late input of listing
Andrea Rice [00:04:02] Right. Now moving on to rule three point one point nine marketing and advertising. That's also had some significant changes. Can you briefly explain this update to three point one point nine?
Sandy HIll [00:04:16] Sure. The language in the rules was updated to more clearly define when marketing a listing can begin and what would be considered marketing of the property. For example, according to the REIN's rules, a listing firm sign may not be placed on the property before the list date which is the beginning of the term of the listing. This is just one example. Marketing also includes social media where REIN's listing department is often alerted to violations of members pre-marketing the listing which is not allowed. Members should make sure they read this rule in its entirety if they are unsure about what would be considered marketing.
Andrea Rice [00:04:59] Right. Now let's move on to rule three point two point twelve. And this was previously rule three point two point eleven required photo for residential listings. This rule also had a time frame change.
Sandy HIll [00:05:12] Yes, previously listing photos needed to be uploaded within five business days. Upon the updated rule, a photo must be uploaded within two business days. If a photo is not uploaded by day three, REIN will automatically order one exterior photo to be taken by a photographer, and the listing agent will be billed for that service.
Andrea Rice [00:05:35] Yes, this is definitely something to take note of to avoid any potential fees or fines. This rule applies to out of area listings as well, correct?
Sandy HIll [00:05:45] That's correct, Andrea. Out of area listings will now have two business days to upload one exterior photo to avoid a fine. If the photo is not added over a consecutive number of days, it is considered noncompliance and will likely result in a progressive fine which is fine per day.
Andrea Rice [00:06:06] Wow. I know you mentioned a lot of information about potential fines, but those of you listening, trust me when I say that Sandy and her department do not like fining our members, right, Sandy?
Sandy HIll [00:06:18] That's right. That's why we're here today, to try and help avoid any potential rule violations or fines.
Andrea Rice [00:06:26] Right. Now moving on to three point two point fifteen media, which was previously three point two point fourteen photos and virtual tours branded. This also went through some minor changes. Can you tell us about that?
Sandy HIll [00:06:41] Yes, these changes were minor just highlighting that media can be more than photos or virtual tours. Branding applies to all forms of media. REIN listings are sent out to many websites and apps, including individual ones. The broker or agent would not want to be advertising another broker or agent name or logo on his or her own site. So no branding or self-promotion is allowed in the MLS because it would appear on individual sites.
Andrea Rice [00:07:15] That's good information. And lastly, rule for point one point nine was updated. What can you tell us about this update?
Sandy HIll [00:07:23] This rule covers pocket listings and clearly defines what a pocket listing is under REIN's rule. The important thing to note here is that all exclusive listings must be input into the REIN system no later than the next business day from the list date, excluding weekends and federal holidays. Failure to do so could result in the listing being considered a pocket listing which is considered withheld from others in the MLS cooperative. Pocket Listings result in a fine being issued to the listing firm.
Andrea Rice [00:07:55] Wow. Sandy, that's a lot of really good information. From speaking with you, it seems like the big takeaway is the changes in time frames that our members will want to be aware of. Is there anything else you would like to add before we sign off?
Sandy HIll [00:08:09] Yes, I would like to point out that all this information was sent to REIN members today on May 3rd and is available on REINMLS.com. Be sure to take some time to review these important changes, and whenever in doubt please call the Listing Department.
Andrea Rice [00:08:25] Right. Thank you, Sandy, and thank all of you for listening. I hope you enjoyed this episode of REINCheck. And like Sandy said, if you have any questions about any of the rules, feel free to contact the Listings Department. And if you missed any of the previous episodes of REINCheck, I do invite you to go to REINMLS.com/podcast to take a listen. Thank you, and have a great rest of the day.
Voiceover [00:08:52] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.